The cryptocurrency market remains under pressure, with Bitcoin approaching six-week lows and significant losses among altcoins.
Decline of Bitcoin and its Causes
Bitcoin continues to decline, dropping below $113,000 amid increased profit-taking and waning expectations of a Fed rate cut in September. Investors are cautious while awaiting the minutes of the Fed’s July meeting and Jerome Powell's speech at Jackson Hole.
Analysis of the Situation with Ethereum
Ethereum is also experiencing significant declines. Analysts point to a critical level at $4,200, below which the price may fall to $3,900. This situation raises concerns among investors expecting market consolidation.
Jerome Powell's Role in Current Market Conditions
Analysts suggest that the market's future movement depends on Jerome Powell's speech. A moderate tone from the Fed chair could lead to market recovery, while an alternative stance could trigger sharp corrections.
The cryptocurrency market stands in uncertainty, with the upcoming speech of Jerome Powell potentially having significant implications for its future.
